Beazley launches blockchain registry with Lloyd’s coverholder and Bitfury
Specialist insurer Beazley and Lloyd’s coverholder Risk Cooperative have partnered with blockchain technology company Bitfury to build the first blockchain-based system for crisis insurance and risk management.
The blockchain-based system aims to provide a single source of accurate, real-time information of a policy by capturing all transactions and data. The technology will enable insurers and their service providers to act quickly and effectively in times of crisis and support the impacted communities, according to a company statement.
The project will begin with the creation of a permissioned blockchain for all entities to share information about an insurance policy in real time, while protecting the historical accuracy of the contract. The companies also plan to develop smart contracts, event logs and notification services.
Dante Disparte, CEO of Risk Cooperative, said: “Our clients trust us to protect them against risk and act swiftly when required. A blockchain-based risk registry will allow many processes to be streamlined and automated, and, more importantly, we can respond in the most effective way possible to the critical needs of individuals, organizations and communities.”
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